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A Model for the Allocation of Value in Western and Eastern Art Markets - Dissertation Example

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This paper presents a clear view on how value is assigned to art at the macro and the micro level as well as looking at the differences between the two art markets in respect to the way that value is, and is assigned. Using this as a basis, a research methodology will be proposed…
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A Model for the Allocation of Value in Western and Eastern Art Markets
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Download file to see previous pages In contrast, Western art generally refers to the European style of artwork, and is less culturally diverse than Eastern artwork and draws less on myth. A significant portion of European art, particularly older art, is connected to the Christian religion, with depictions of Jesus, Mary and of angels. Modern Western artwork is often more abstract. The development of prices for artworks by artists in China can be tracked effectively and accurately using the research methodology proposed for both indigenous Chinese artists represented in local markets and also for global or Western artists imported to collections. This allows the determination of how traditional Eastern artwork fares in the Eastern art market compared to how Western artwork performs in the same market. The economical and sociological systems which drive the operation of the contemporary art market in China can be reviewed on a percentage of GDP or on a per capita basis in respect to the Western markets, allowing direct comparison between the two. This allows it to be determined whether one form of art is traded more frequently or valued more highly in the Eastern market compared to the Western, indicating differences between the markets. 9 The Assignment of Value 13 For any commodity or service, value must be assigned to it in order for it to be bought and sold in the general market. It is not simple to assign value to art, as its worth comes from a wide variety of sources, and is not always predictable. The question of value is fundamental for art as a discipline and as an object. Art is created not simply because of the desire of the artist to create, but also as a method of communication, or through a desire to earn an income. As a consequence, the meaning of the work is important and...


This dissertation outlines art as a large part of culture and tradition worldwide, but the definitions and approaches to art can vary significantly depending on the artist as well as the culture that they derive their inspiration from. In particular, artistic inspiration and art form can be divided into two broad categories, Eastern and Western art. These definitions are based on global location of the style and inspiration for the artist, although the artist themselves may not be from this global area. Western art can be defined as art that is created in the styles that are generally accepted in European countries, although it may be created anywhere in the world. Traditionally, Western art consisted primarily of paintings and sculptures, often of religious icons, although there was the development of other artistic styles such as impressionist and abstract art during the history of Western art. Current Western art also includes styles such as modern art, which is often very abstract, and performance art. In contrast, Eastern art is often more traditional and takes greater inspiration from local religion, practices, history, myth and legend. When interpreting art from Eastern cultures, it is important not to do so through the lens of Western art history and values, as this presents a risk of cultural imperialism or bias. The consequence of this may be the marginalization of traditional artistic expression, such as art through handicrafts, folk art, or kitsch, which are often not regarded as art from the traditional Western viewpoint.

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